Sigachi Industries Shares Tank 8% As Telangana Plant Death Toll Mounts

Sigachi Industries Ltd.'s shares declined over 8% during trade on Tuesday as the death toll in the explosion at its pharma plant in Pashamylaram rose to 34.

As many as 31 bodies have been extricated from the debris, while three died in the hospital while undergoing treatment, district Superintendent of Police Paritosh Pankaj told news agency PTI. "The last leg of the rescue operation is still going on."

Most of the deceased belonged to other states such Odisha, West Bengal and Bihar.

Chief Minister A Revanth Reddy, accompanied by some of his cabinet colleagues, visited the accident site.

The fatal accident on Monday is suspected to have been caused by a chemical reaction.

Sigachi Industries is a pharmaceutical company dedicated to pioneering advancements in Active Pharmaceutical Ingredients (APIs), Intermediates, Excipients, vitamin-mineral blends, and Operations and Management (O&M) services, according to the company's website.

Sigachi Industries' stock fell as much as 8.4% intraday to Rs 44.67 apiece on the NSE, the lowest in over a month. The relative strength index was at 32. The total traded volume was 6.4 times the 30-day average.

The scrip shed 11.5% on Monday. It has declined 25% in the last 12 months and 10% on a year-to-date basis.